No linkage between price cut on certain XUV700 variants and UP hybrid policy Says M&M

Clarification: Mahindra & Mahindra has said that the decision to cut the prices of XUV700 variants has nothing to do with the EV or Hybrid Policy of Uttar Pradesh (UP EV/Hybrid Policy). The company told the stock exchanges that the price cut of XUV700 variants has been taken under the business strategy execution which was presented to them in a meeting with analysts on 14 February 2024. The company said that in this meeting we had clearly said that we have to bring down the average prices to accelerate growth.

In a regulatory filing with the stock exchanges, Mahindra & Mahindra Ltd said, “We started this with the launch of the AX5 Select variant in May 2024. And on the third anniversary of the launch of the XUV700, we have brought the third anniversary celebration higher-end variants for four months. The company said that these things have been extensively discussed in our annual business plan based on the savings in the cost of raw materials and we believe that it will not have any impact on our financials.

M&M said, the demand for XUV700 remains strong and we have increased the manufacturing capacity to meet the demand. According to the company, bookings for XUV700 in June 2024 have increased by 23 per cent as compared to May and there is no concern about unsold inventory as stated in some channels and newspapers. Describing hybrid technology as an interim and expensive solution, Mahindra & Mahindra said in its statement, “We are fully prepared to offer high quality products for all types of solutions as per the wishes of the customers.”

In fact, on Tuesday, Mahindra & Mahindra announced a reduction in the prices of XUV700 models by up to Rs 2 lakh. On Tuesday itself, the Uttar Pradesh government completely abolished the registration tax on hybrid vehicles, due to which it is expected that Maruti Suzuki, which is strongly present in the hybrid car segment, may see a reduction in the prices of its hybrid vehicles by up to Rs 3.50 lakh. There were speculations in the auto industry that Mahindra has decided to reduce the prices of XUV700 to face this challenge. Its effect was also seen on Mahindra's stock and the stock closed with a decline of 6.62 percent.

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